@pmany0324 wrote:
Hi All,
First off, I wanted to say that myfico forum has changed my life! Never thought it would be possible to have a credit score over 600 or even dreamed about buying a house, but I have been a member for years and a frequent lurker and i love the valuable information given by everyone on this site. Thank you!!
With that being said, I am looking to purchase my first home this year! Yay!! I pulled my mortgage scores through here (3B) and it looks like I am good with 680 TU, 653 EQ and 624 EX, but am still working on paying off a few more cards before I pull the trigger and apply. My question is what income is used in a mortgage application. I currently recieve child support and have been working OT for the last 9 months and will continue OT work for possibly the rest of year if not more. My base pay without OT would be $55K but with OT I would be making around $70K+ that's not including my child support of $650 a month (court ordered) which I will be receiving for the children at least another 8 years. Would they look at my base pay or what my current income is with OT & child support when I apply?
Thanks in advance to everyone!
With Child Support you will need the Divorce Decree to be able to count it, and it will need to show you will continue to receive it for at least another 3 years.
With OT they will look at a 2 year history of it and if its only been for the last 9 months there is a good chance it won't count towards your DTI. Honestly I would never recommend to anyone to expect or need to use OT as a means to buy a house either. Just plan on your base and your child support assuming you meet the guidlines for that.
